My husband and I quit using credit cards 4 months ago because we found that we were using them to cover budget shortfalls, and as a result, our credit card balance was increasing, rapidly. For the last four months, the budget has balanced and we have had room to even pay down debt. This month, however, we faced a shortfall. Without credit cards to fall back on, we had to scramble to find ways to generate extra income.
If you are in need of quick cash, whether to cover a budget shortfall, to pay down debt, or to grow your emergency fund, here are some legal ways to make some extra money:
Donate plasma. If you are not opposed to this for religious reasons, donating plasma can earn you up to $300 a month. You have to pass a short physical (they take your blood pressure and pulse and have you fill out a short medical history), and then each appointment generally takes 90 minutes. You can read or do something else while the machine draws out your blood, separates out the plasma and puts the blood back in your body. Best of all, you are also helping other people who are in desperate need of plasma such as burn victims.
Sell your “stuff”. Most people have a basement full of “stuff” they no longer use. Craigslist is an excellent place to advertise your unwanted items and make some extra money. Beware that people on Craigslist love to bargain, so set your price low enough that people will want to buy, but high enough that you have a bit of room to negotiate. eBay is also a good price to sell your items that are no longer needed, though I find selling on eBay can be less reliable and takes more time.
Have a no spend month. A quick way to generate cash is to stop spending it. Rather than grocery shopping, try to eat what you already have in your pantry and freezer. You could save yourself a few hundred dollars by not grocery shopping for a week or a month. Quit going out to eat. For one month, don’t buy anything but the necessities.
Join a focus group. Advertisers and researchers pay people to take part in their focus groups. For an hour or two of answering questions and giving your feedback, you can earn $30 to as much as $150. Craigslist is a great place to look to find focus groups in your area. Simply look under Jobs in the ETC area. Another place to looks is FindFocusGroups.com.
Return items you recently bought but haven’t used. If you recently bought some items and have not used them and still have the receipt, consider returning them. You can use the refund now and buy the items later if you need them.
If you have a budget shortfall or need to generate extra income, there are plenty of ways to do so. There is no need to rely on credit cards and risk carrying a balance if you don’t want to. Yes, you will have to work a little harder, but you can legally make extra money, and you will save yourself the expense of paying interest.
